Ginn Sur Mer Hit with another Lawsuit as Construction Activity Continues

Multi-billion dollar Bahamas project is the only place showing construction progress in the GINNdom. New lawsuit alleges appraisal fraud.

Ginn Sur Mer is one of four Ginn-LA properties of which portions were encumbered by a defaulted $675 million Credit Suisse credit facility. As a result of the default, Ginn was required to dispose of the other three properties. The company disclosed at that time that Ginn-LA and lenders would form a joint venture to continue development in the Bahamas. Negotiations are ongoing over the resolution of Ginn Sur Mer. Bobby Ginn is rumored to be seeking other financing to buy out the project.

• Ginn Financial Services
• Bahamas Sales Associate, LLC
• Ginn-LA West End Limited
• The Ginn Companies, LLC
• Ginn Development Company, LLC
• Robert F. Masters II
• Edward R. Ginn, III (Bobby Ginn)
• William McCracken

Meanwhile, construction activity continues at Ginn Sur Mer. Through an agreement with the Bahamian Government, a multi-million dollar escrow account was established to ensure the completion of the projects infrastructure (roads, canals, water, and sewer) and one of the two planned golf courses. Canals have been dug to create dock sites. The canal fill was used to raise all building lots approximately 10 feet and provide elevation for the golf courses. The main canal access to the ocean is complete, as are the roads in the Coquile subdivision along the coast line. The first golf course has been mostly sculpted (picture at right) and soil is being brought in.